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MTPredictor Software reviews

  #75 (permalink)

Market Wizard
Calgary, Alberta
 
Trading Experience: Advanced
Platform: NinjaTrader 8
Broker/Data: Kinetick
Favorite Futures: ES
 
JonnyBoy's Avatar
 
Posts: 1,030 since Apr 2012
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if you drill down all he is saying is you will not provide trading records that you trade the system and wave studies are not easy. other that that your good. that is good ..look what he says about the rest of the field. market delta, motive wave, CQG full package, x Trader Pro , Bloomberg would all receive the same same review...they do not provide any of the stuff he would use to grade there software too. but i agree with Johnnyboy over all he has exposed some bad people. some should be jailed...

Yes. A Bloomberg terminal (as an example) could not provide any of the information to define a discernible edge, because that software wasnít designed or advertised in a way that it could. The same applies to TradeStation, NinjaTrader, XTrader or any trading platform for that matter. Not one of them sells themselves on the fact it can improve your trading.

Where the issues arise (for me and many others) is when software is advertised in such a way that it can provide an edge, reduce your risk but has no reasonable way of proving it. In fact, it is often the case where there is not a single shred of evidence that the software is even mildly profitable or can in some way provide the tiniest of edges.

The only way us traders can prove success is the bottom line. If it isnít positive on a consistent basis, then we are eating beans on toast next month for dinner.

Vendors have a habit of whistling past the windmill (point of no return) and they fall into a self-fulfilling prophecy of believing their software is as good as they say it is. They have ventured too far down the line and invested too much money to pull out now.

Can they prove it as good as they portray? No. They donít need to because they can just blame the end user experience, different trading approaches, utilisation of the software, risk tolerance etc. And the cycle repeats over and over.

We have all seen this narrative before including the insanity of Michael @ BTTFT whom eventually admitted he doesnít trade his own software live, after some very bizarre posts on a thread (canít remember the name of it now) last year.

I think it was Emmett that pointed out MTPredictor advertised with the slogan |Control Your Trading Risk and Win| - well if you Google search them they still do. To this day though, I donít believe they provided TS with any information substantiating this claim.

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This will continue to be a merry-go-round of vendor vs. end user experience, different trading approaches, utilisation of the software, risk tolerance and so on.

In other words, until a vendor can prove ďsomethingĒ about their product being even mildly edge providing or profitable, the narrative will be spun around and around and around. New traders will get on the ride with hopes and dreams, whilst now Ďseasonedí traders get off the ride wondering how they could have been drawn into it in the first place.

The only reason I know is because I have been that trader until I woke up and realised this; the only fool for believing this stuff works was me.

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